Round everything to 4 decimals places if needed, except for final answers of COG

Question

Round everything to 4 decimals places if needed, except for final answers of COGM and EWP Box or circle your final answers to each question! Exercise 1) Having Fun Filters produces an air filter for use in accounting classrooms. Parts are added at several points in their production process. In February, production began with 550 filters in work in process, 50 percent complete as to materials and 40 percent complete as to labor and overhead. During the month, an additional 3,200 units were started into production. Eight hundred filters were in work in process at the end of the month, and they were 70 percent complete as to materials and 60 percent complete as to labor and overhead. Having Fun Filters uses the Weighted-Average method. Cost information for February: Cost Added in February S 333,810 $ 97,542 Beginning WIP Inventory Direct material Direct labor Manufacturing overhead $ 97,500 $130,000 $ 54.000 S 612.348 Total

Explanation / Answer

Exercise - 1. UNITS TO ACCOUNT FOR: Physical Units Beginning Units 550 Units Started 3200 Total Units 3750 UNITS ACCOUNTED FOR: Equivalent Units Physical Units Direct Materials Conversion Units completed 2950 2950 2950 Ending inventory 800 560 480 Total 3750 3510 3430 COSTS TO ACCOUNT FOR: Direct Materials Conversion Total Cost Costs in beginning WIP 97500 184000 281500 Costs added in February 333810 709890 1043700 431310 893890 1325200 Cost per equivalent unit 122.8803 260.6093 COSTS ACCOUNTED FOR: Direct Materials Conversion Cost Total Cost Units completed and transferred 362497 768798 1131295 Ending inventory 68813 125092 193905 Total 431310 893890 1325200 Exercise - 2 UNITS TO ACCOUNT FOR: Physical Units Beginning Units 550 Units Started 3200 Total Units 3750 UNITS ACCOUNTED FOR: Equivalent Units Physical Units Direct Materials Conversion Beginning Inventory 550 275 330 Started and Completed 2400 2400 2400 Ending inventory 800 560 480 Total 3750 3235 3210 COSTS TO ACCOUNT FOR: Direct Materials Conversion Total Cost Costs in beginning WIP 97500 184000 281500 Costs added in February 333810 709890 1043700 431310 893890 1325200 Cost per equivalent unit 103.1870 221.1495 COSTS ACCOUNTED FOR: Direct Materials Conversion Cost Total Cost Costs in beginning WIP 97500 184000 281500 Costs to complete 28376 72979 101356 Units completed and transferred 247649 530759 778408 Ending inventory 57785 106152 163937 Total 431310 893890 1325200

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